From the benefits of going to the cloud,to lessons in outsourcing,this week,CreditUnions.com is all about core processing.
Here are six data points you need to know:
Fiserv is the most popular core provider among credit unions with $100M or less in assets, counting 1,289 clients. FedComp, Inc., CompuSystems, Inc., Shartec Systems, Inc., and FIS are the next most popular core providers for credit unions in this assetclass.
To see which providers are most popular among larger credit unions, or which providers serve the largest numbers of credit union members, check out Numbers Matter When It Comes To Evaluating Tech Relationships
This is the number of mergers and data conversions Xceed Financial Credit Union’schief technologist, Mark Coudriet, has undertaken in his six years with the institution. The latest, a transition from an in-house core to service bureau environment, was both familiar and foreign to the credit union.
To learn more about the change and what lessons the credit union learned, check out How To Outsource Credit Union Core Processing
That’s the number of branches that Lutheran Federal Credit Union operates. Chartered in 2014 and officially opened for business in early 2016, the credit union has posted 12-month share and loan growth of 1,068% and 4,302% respectively thanks to anearly 1,800 person membership that primarily transacts online.
Learn more about how the credit union’s embrace of an omnichannel approach has allowed it to operate a nearly branchless environment since its inception in A Leap Of Faith In Branchless Banking
As the result of a 2015 conversion to a cloud-based core, core-related functions at Minnequa Works Credit Union now move 60%-70% faster, including screen response, through cable-based connections averaging 100MB a second downloading and 20MB a secondgoing back up.
To learn how this credit union and three others chased cost savings and operational efficiencies, read How Four Credit Unions Seed Their Future With Cloud Core Processing
That’s the number of people ultimately responsible for the design of core systems, saysRandy Karnes, president and CEO ofCU*Answers,the Michigan-based CUSO and provider of the CU*BASE platform:you, the credit union executive.
See what other core system platform CEO’s are saying about the evolution of the core in The De-Commodization Of The Core Processing Platform
That’s the number of tips Callahan & Associates offers credit unions looking to find the right core provider to meet business model and need.
See the tips in >3 Ways To Identify Core A-Players